Gov. Walker announces $30 million in Contributions to Superior's Kestrel Aircraft Corporation

By KBJR News 1

Gov. Walker announces $30 million in Contributions to Superior's Kestrel Aircraft Corporation

September 4, 2012 Updated Sep 4, 2012 at 3:38 PM CST

Madison, WI (Northland's NewsCenter) -- Governor Walker announced Tuesday that $30 million has been allocated to the Kestrel Aircraft Corporation and is expected to create 600 new jobs.

Of those $30 million dollars in tax credits, Kestrel will receive $7.5 million dollars toward developing the company.

The Wisconsin Housing and Economic Development Authority and the Wisconsin Community Development Legacy Fund completed the allocation of federal New Markets Tax Credits to the corporation.

"Attracting this visionary entrepreneur to relocate with the potential to create 600 new jobs is incredible news for the city of Superior and the entire state of Wisconsin," said Governor Scott Walker. "In putting together an aggressive package, Wisconsin has decisively demonstrated its commitment to job creation and boosting our state economy."

Kestrel is developing a single engine turboprop aircraft for production and is moving operations from Duluth and Brunswick, Maine to Superior.

WHEDA's New Markets Tax Credit program promotes economic development in low-income communities. Kestrel qualifies for the credits as an eligible business seeking to make an investment in federally-designed qualified low-income area.

The Wisconsin Economic Development Corporation has created an Enterprise Zone in Superior to provide $18 million in tax credits and has provided a $2 million loan to the company.

The City of Superior has provided a $2.4 million loan in addition to providing two parcels of land for development and $1.125 million in tax incremental financing.

Douglas County has provided $800,000 in loans.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.